Oak Creek-based Nordco Inc., a manufacturer of machinery and equipment used to maintain and build railroad tracks, has been sold to OMERS Private Equity, a Toronto, Ontario based private equity firm.

Nordo was previously owned by The Riverside Company, a global private equity firm focused on the smaller end of the middle market. Terms of the acquisition were not disclosed; however, The Riverside Company said it was able to achieve a 5.1x gross cash-on-cash return in the deal.

Nordo has about 330 employees. It is headquartered in Oak Creek, with manufacturing operations there and in Arcola, Ill., Grandview, M.O., and Oshawa, Ontario.

The company is a leading supplier of spikers, spike pullers, tie exchangers, anchor applicators, rail lifters and snow removers/ballast regulators.

Nordco was acquired by The Riverside Company in 2003, because of the potential for significant growth and the presence of a strong management team, said Tim Gosline, partner at Riverside.

“We really liked their CEO, Bruce Bocziewicz, and their management team, and we felt they had an excellent vision of how to grow the company,” Gosline said. “Maintenance of the way and track is necessary for railroads to run their fleets, and they have a leading market position in that category.”

While Riverside owned Nordco, the company launched a new aftermarket service division to service its equipment that is already running in the marketplace. Riverside also made four add-on acquisitions to Nordco while it owned the company, Gosline said.

“It was a platform company and we used it as a basis to make additional acquisitions – we were able to quadruple top line revenue (while we owned it),” he said.

When Riverside acquired Nordco, the company had about 125 employees – today it has 330.

The Nordco family of companies now includes Dapco Industries Inc., J.E.R. Overhaul Inc., ShuttleWagon, and Nordco Rail Services.

OMERS Private Equity will likely continue to operate Nordo in a similar way as The Riverside Company has, Gosline said.

“They’ll make add-on acquisitions and support organic growth because of their ability to come out with new products,” he said. “The new owners will continue to grow Nordco and be successful.”

For more information, visit www.nordco.com.

Johnson Bank exceeds $1 billion in mortgage closings in 2009

Racine-based Johnson Bank said Monday that it has already surpassed the $1 billion mark in mortgage loans closed in 2009.

“At a time when the industry is being greatly challenged, our team is proud to share this news,” said Bill Winkler, senior vice president of mortgage banking for Johnson Bank. “Our success is based on the relationships and trust we build with our clients. We continue to treat them like family.”

Johnson Bank originates mortgage loans in nearly 60 locations throughout Wisconsin and Arizona and services more than 21,400 loans.

The bank services all of the mortgage loans it originates.

“Although there is a continuing trend to outsource mortgage origination and loan servicing to other banks, our clients know that origination and loan servicing decisions are made locally by the people they know,” said Winkler. “This has been our approach throughout recent refinance booms and the current housing slowdown, and will continue to be as construction and purchase activity increases in the coming months and years ahead.”

Merge Healthcare acquires etrials Worldwide

West Allis-based Merge Healthcare has reached an agreement to acquire Morrisville, N.C.-based etrials Worldwide Inc.

The combined organization will provide clinical trial sponsors and contract research organizations with solutions that include both imaging technologies and eClinical capabilities.

“Our Merge OEM team has been a supplier of imaging solutions to pharmaceutical companies, CROs, the National Institute of Health and to veterinary hospitals for years,” said Justin Dearborn, CEO of Merge Healthcare. “We believe that there could be significant synergy from incorporating our imaging and data hosting solutions with etrials’ broad portfolio of integrated eClinical solutions. etrials’ experience in conducting global clinical trials also complements Merge’s international expansion initiatives.”

"etrials welcomes this opportunity to become part of Merge Healthcare,” said M. Denis Connaghan, CEO of etrials. “It continues with our strategy to take the industry in a new direction that is increasingly in demand by bringing our customers access to additional capabilities that we believe increases the value of the important clinical trial development they perform. It also gives the etrials organization a broader base of financial, product and development resources, and international relationships to continue the improvements that have been made and enable an expansion of the business.”

“This acquisition enables both companies to leverage the other’s customer relationships, from pharmaceutical companies, CRO’s, medical device manufacturers and veterinary hospitals; creating cross-sell and up-sell opportunities,” said Dearborn. “etrials’ offerings have no overlap with Merge’s products. We believe that this acquisition will deliver significant added value to each company’s customers, partners and shareholders.”

With all the economic turmoil in the last year, managing your financial life may seem like an overwhelming task. But with a few simple steps and some potentially tough decisions, you can have more “green” on your path to financial fitness.

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The board of directors of Milwaukee-based Northwestern Mutual Life Insurance Company recently elected John N. Balboni to its membership. Balboni is senior vice president and chief information officer of International Paper Company, the world's largest paper and packaging company, based in Memphis, Tenn. Balboni previously served as chairman of Northwestern Mutual's Policyowners' Examining Committee, an independent group appointed each year to take an impartial and unrestricted look at the company's operations, management and strategic planning.

Clifton Gunderson moves HQ from Peoria, Ill. to Wauwatosa

Clifton Gunderson, one of the nation’s largest certified public accounting and consulting firms, has relocated its corporate headquarters from Peoria, Ill. to Wauwatosa. The company's office is located at 10001 Innovation Dr. in the Milwaukee County Research Park.

"We are thrilled to welcome Clifton Gunderson to the list of great companies already headquartered in Milwaukee," said Jim Paetsch, director of corporate expansion and relocation for the Milwaukee 7. "The mission of the Milwaukee 7 is to attract, retain and grow diverse business and talent – and we are excited to add Clifton Gunderson’s name under the ‘win column’ for the Milwaukee region."

"Our decision to move firm headquarters to (the) Milwaukee (area) brings together firm resources and provides additional opportunities to build on our firm’s tremendous strengths and continue to create opportunities for growth," said Ted Hart, managing partner for Clifton Gunderson’s Wisconsin offices. "Milwaukee has a very robust and diverse business community and we are honored to join the hundreds of other companies already headquartered in this great city."

The shift of the company's corporate headquarters was made in conjunction with the promotion of Krista McMasters to CEO.

"Milwaukee is a vibrant city, rich in culture and history, and locating our firm headquarters here reinforces our commitment to Wisconsin and to our local clients." said McMasters. "This decision will allow us to better support and meet the needs of our Milwaukee-area clients while continuing to provide the high level of quality and service they have come to expect from us."

Virchow Krause changes name to Baker Tilly

Madison-based Virchow Krause & Company LLP, which has a substantial office in Milwaukee, announced Monday that it has changed its name to Baker Tilly, as part of an agreement to become the exclusive U.S. branded firm in the Baker Tilly International network.

"Being the first and only U.S. firm to adopt the global Baker Tilly brand is a rare and valuable opportunity, which will help us develop a sustainable international growth model," said Tim Christen, Baker Tilly CEO. "We've been very successful for nearly 80 years by developing deep industry and services insight through specialization. Our goal is to build on that success. The firm has extensive international capabilities in-house, but carrying the name of a high profile international brand will greatly enhance our ability to serve client needs."

The company is not merging or being acquired by London-based Baker Tilly International and there will be no change to the firm's leadership, the company said. Virchow Krause has been in independent member of the Baker Tilly International Network since 1999 and will maintain that status. The firm will operate under the legal name of Baker Tilly Virchow Krause LLP.

Fiserv founder to serve as judge for world entrepreneurs of the year program

George D. Dalton, the founder and CEO of Town of Brookfield-based NOVO 1 Inc. and the founder and former CEO of Brookfield-based Fiserv Inc., has been appointed to the judging panel for Ernst & Young’s World Entrepreneur Of The Year Awards program.

In representing the United States on the panel, Mr. Dalton will join other World Entrepreneur Of The Year judges from India, China, Kazakhstan, South Africa, Sweden and Netherlands.

Business leaders who have been selected in 2008 as Entrepreneur Of The Year winners representing more than 50 countries will be gathering at the annual event, held this week in Monte Carlo, Monaco.

The judging panel will review volumes of documentation and engage in one on one interviews; selecting one person as the best entrepreneur in the world among all of the participants being inducted into the World Entrepreneur Of the Year Academy.

 The Entrepreneur Of The Year Award program originated with the Milwaukee Ernst & Young LLP organization in 1986 and is now held in more than 135 cities in more than 50 countries around the world.

Dalton was a prior recipient of the Entrepreneur Of The Year Award, winning the Explosive Growth category for the Lake Michigan region in 1988. He was also a U.S. National Entrepreneur Of The Year Award finalist in 1996. Dalton has been serving as a judge for Ernst & Young LLP’s U.S. National Entrepreneur of the Year Awards since 1998 and was appointed World Judge in 2007.

Innovation Fuels’ Sawall appointed president of Wisconsin Biodiesel Association

Richard “Hardy” Sawall, senior vice president of Midwest Operations for New York-based Innovation Fuels - the New York based renewable energy company that manufactures, markets, and distributes second-generation biodiesel to customers around the world – has been appointed President of the Wisconsin Biodiesel Association.

Sawall, 33, is the youngest president in the organization’s history. 

Earlier this month, Innovation Fuels announced it has begun selling biodiesel to customers from its Port of Milwaukee terminal. The 312,000 barrel capacity terminal spans 10 acres and is the first in the country that is totally dedicated for the sale and distribution of renewable fuels.

“We are extremely pleased and would like to congratulate Hardy on his achievement,” commented John Fox, CEO of Innovation Fuels. “What he has accomplished for Wisconsin’s renewable energy industry is already quite impressive but I think Hardy, himself, will tell you, it is just the beginning.”

“Hardy has contributed immensely as a board member and we look forward to his leadership in the coming year,” said Tony Hartmann, outgoing president of the Wisconsin Biodiesel Association. “The Association is privileged to have him in the President’s chair.”

“I am truly honored to have been chosen to succeed Tony Hartmann as president of the WBA and am very eager to continue to make strides toward having Wisconsin become an epicenter of activity for renewable fuels whether it be for production, sales, transportation or in marketing our products,” said Sawall.

The Deloitte Center for Multistate Taxation at the Sheldon B. Lubar School of Business at the University of Wisconsin-Milwaukee will host the 13th Annual Multistate Tax Institute on Thursday, June 18 at the Sheraton Milwaukee Brookfield Hotel, 375 S. Moorland Road, in Brookfield.

“Particularly in today’s tough economic environment, it’s critical for companies to be able to effectively navigate multistate tax laws and policies to minimize their tax burden,” said James Collins, executive director of the Deloitte Center.

The day’s agenda includes a “U.S. Supreme Court Watch,” updates on recent multistate tax decisions in state courts, new developments in nexus, taxation without factor representation, and state tax reporting under the International Financial Reporting Standards.

The national conference brings together the collective wisdom and experience of many of the country’s foremost multistate tax experts, including Paul Frankel (Morrison Foerster, N.Y.), Richard D. Pomp (University of Connecticut School of Law) and Maryann Gall and Laura A.

Kulwicki (both of Jones Day, Columbus, Ohio).

Conference and registration information is available at 414-229-3821.

Banking

• Wisconsin Department of Financial Institutions 
• Federal Deposit Insurance Corp.
• Wisconsin Bankers Association 
• Community Bankers of Wisconsin
• Wisconsin Mortgage Bankers Association
• American Bankers Association
• Bankers Association for Finance and Trade
• Commercial Finance Association 
• Risk Management Association

Mergers & Acquisitions

• Association for Corporate Growth 
• International Business Brokers Association 
• Mergers.com

Wealth Management/Financial/Retirement Planning

• Financial Planning Association
• Financial Planning Association of Southern Wisconsin
• Investment Management Consultants Association
• National Association of Personal Financial Advisors (NAPFA)

Other 

• Small Business Administration
• State public awareness campaign
• Wisconsin Credit Union League
• CFA Institute
• CFA Society of Milwaukee
• Wisconsin Angel Network